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March 22, 2016

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Alibaba aims to double annual online retail sales in 5 years

ALIBABA aims to double its annual online retail transactions within five years by cooperating with online and offline business partners and vendors.

Its gross merchandise volume on its retail sites Taobao and Tmall for the current fiscal year, which started on April 1, 2015, surpassed 3 trillion yuan (US$463 billion) yesterday, the Hangzhou-based firm said.

The figure came within a whisker of the US$487.5 billion revenue of US retailer Wal-Mart in its last fiscal year, which ended on January 31.

Yesterday’s figure marked an annual rise of around 23 percent, but it was below the 46 percent hike a year ago.

In the quarter ended on December 31, Alibaba said its China retail GMV rose 23 percent from a year ago to 964 billion yuan.

Alibaba CEO Daniel Zhang said yesterday that the company is seeking to build a better infrastructure for online vendors to help them become better equipped to tap the growing online shopping demand.

“Through our affiliates in various sectors such as logistics, cloud computing and financial services, we hope to make the Internet economy more efficient and to serve consumers better,” Zhang said.

“We want to become a powerful booster device for the ‘Internet Plus’ strategy,” he said, referring to China’s strategy to encourage companies to leverage Internet technologies in order to upgrade their businesses and services.


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